Based on the details you’ve entered, it appears that you’ll be debt free sooner with your current payment plan.
This calculator is intended for consolidation loans only, and not mortgage refinancing.
The calculation is based on the accuracy and completeness of the data you have provided; is for illustrative and general information purposes only; and is not intended to provide specific financial or other advice and should not be relied upon in that regard.
Learn More: How your credit score is calculated Collateral for a loan is an asset you can pledge as a guarantee or loan security in case you are unable to repay the loan.
The only collateral banks or credit unions are interested in is something that can quickly and easily be converted into cash.
To speak with an RBC credit specialist, call 1-855-834-1782.
Debt consolidation is where someone obtains a new loan to pay out a number of smaller loans, debts, or bills that they are currently making payments on.People get debt consolidation loans for a number of reasons: When you receive a traditional debt consolidation loan, the company lending you the money either uses the funds to pay out the debts you jointly agree will be paid off, or they deposits the funds it in your bank account and it is then your responsibility to pay out the debts or bills you wish to consolidate with the loan proceeds.Interest rates for debt consolidation loans are primarily determined by two factors: your credit score and the collateral you can offer for the loan.There are also some debt repayment programs for people who are having trouble paying their debts that effectively consolidate all debt payments into one payment.So some people also see this as a form of debt consolidation.Most often this is real estate or a newer vehicle (they’re not interested in big screen TVs, household appliances, tools, equipment, or collector items).